Profits have plummeted at a construction firm after years of growth.

Coniston, which carries out work across London and the South East, revealed in its annual accounts that profit for the year was just £10,650, down from £681,080.

The Dartford-based company said its bottom line had been hit by a “legacy contract” which it expected to be concluded this year, after which it will be able to return to healthier figures.

It comes after several years of growth, highlighted by last year’s MegaGrowth 50 list, published by Kent Business, which showed turnover increased 76.2% over four years.

The firm, based on Crossways Business Park, said despite “general economic difficulties” its turnover grew 2% to £26.6 million in the 12 months to the end of November last year.

It said the company continues to have a strong cash position.

The report said: “Whilst there appear to be some signs of recovery, the construction market remains very competitive.”

Formed more than 30 years ago, Coniston is a traditional construction, refurbishment and fit-out contractor.

It carries out projects worth up to £6 million for both the public and private sectors.

Its portfolio includes heritage and conservation works as well as educational projects, commercial fit-out, new build and private residential refurbishment and development.

Ultimate control of the company is held by managing director John Rathbone.